Kroenke was thought to be preparing a takeover attempt when he acquired his stake in the club earlier this year.

However, Arsenal have since been targeted by Russian Alisher Usmanov, who has built up his share to 23% in recent months.

In response, members of the Arsenal board reached an agreement that directors can only sell their shares to "permitted persons" before April 2009 and must give fellow board members first option until October 2012.

Kroenke's purchase of Arsenal shares led to David Dein's resignation from the Arsenal board in April.

Dein was reported to support any takeover attempt by Kroenke, but other board members disagreed.

The club's former vice-chairman has since taken over as chairman of the Red & White Holdings Consortium - which is co-owned by Usmanov.